GK Capital Management Limited (GK Capital) has announced that it has received approval from the Financial Services Commission (FSC) to enter the Collective Investment Schemes (CIS) market in Jamaica. This approval will allow GK Capital to offer mutual fund products through a newly incorporated entity, GK Mutual Funds Limited (GK Mutual Funds).
Commenting on the new venture, GraceKennedy Group CEO, Don Wehby explained, “GraceKennedy is committed to helping Jamaicans pursue their dreams, whether big or small, through innovative financial solutions. These new investment options from GK Capital are yet another example of our commitment. On the eve of GraceKennedy’s 100th anniversary, which we will celebrate on February 14, the launch of GK Mutual Funds is yet another glimpse into the bright future of our Group. I am very excited about this new venture for GK, and we look forward to expertly serving our new GK Mutual Funds customers. Congratulations to the GK Capital team on this innovation, which will see GK offering mutual funds for the first time on the Jamaican market.”
Initially, three products will be offered to the market by GK Mutual Funds: the GK US Dollar Income Fund; the GK Jamaican Dollar Money Market Fund; and the GK Jamaican Dollar Growth & Income Fund. The funds have been designed to provide a suite of diversified investment solutions to investors with varying risk appetites. When launched, qualified investors will be able to subscribe for shares in a fund or funds which best meet their investment objectives.
Steven Whittingham, Chief Operating Officer of the GraceKennedy Financial Group and the Head of GK’s Investment and Insurance Divisions, explained “the initial funds will diversify the sphere of investment opportunities for our clients and expand GK Capital’s product reach.” He acknowledged that “while we are entering a competitive CIS market, the design of the funds and the planned innovative approaches to distribution will deliver a unique customer experience and drive client acquisition and the accumulation of assets under management.”
The launch date for GK Mutual Funds is set for the second quarter of 2022. The timing is in keeping with GK Capital’s heightened activity in the local investment landscape.